Renasant profits dip on M&F merger expenses

Renasant profits decline as bank spends $3.76 million to complete merger with First M&F Corp.

Associated Press

TUPELO, Miss. (AP) -- Regional bank Renasant Corp. says profit in 2013's third quarter fell as it spent money to complete its merger with First M&F Corp.

Renasant said Tuesday it posted quarterly profit of $6.64 million, or 24 cents per share, down from $7.04 million or 28 cents per share in 2012's second quarter.

The company set aside $3.76 million to cover expenses of the M&F merger, which closed in September.

Profits don't reflect M&F's results before the merger.

Renasant set aside $2.3 million for bad loans, even though its total loan book jumped $5 billion after the merger. Renasant Chairman and CEO E. Robinson McGraw says the company saw internal loan growth and credit improvements.

Based in Tupelo, the $5.7 billion bank has offices in Mississippi, Tennessee, Alabama and Georgia.

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